Monday, 7 January 2013

Inheriting house poorly maintained - Zillow Real Estate Advice

My father has not painted the exterior, done the needed re-roofing, upgraded the electric wiring, etc. He built the house 65 years ago. He's not interested in investing anything into it now, and there's only a small amount of cash that will pass on to me when I & my sister inherit the house. Neither of us have available cash for the repairs/upgrades, and making payments on a loan would be difficult. Would you advise taking a loan to do these repairs/upgrades (estimated $20k) or selling the house as-is (after repairs/upgrades, estimated sales price $75k). How do you decide which is better?

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3 hours ago - US

Source: http://www.zillow.com/advice-thread/Inheriting-house-poorly-maintained/473502/

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